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The Sydney Papers Online A+ A America Today : The Good News | The Sydney Institute Page 1 of 6 Home Functions About the Institute Contact Us The Sydney Papers Online A+ A- America Today : The Good News 24th Dec 2012by Leonard Harlan Leonard M. Harlan is Co-Founder and Chairman of the Executive Committee of Castle Harlan, Inc. and a member of the Executive Committee of Castle Harlan Australian Mezzanine Partners (CHAMP), the Australian Affiliate of Castle Harlan. Len Harlan is also a member of the Board of Overseers of the Weill Carnell Medical School, a director of the Harvard Business School Club of Greater New York and a trustee of the New York City Citizens Budget Commission. In a US presidential election year, and shortly after Barack Obama had won a second term, Len Harlan addressed The Sydney Institute on Tuesday 13 November 2012, to discuss his enthusiasm and optimism for the USA as it recovers from a global financial crisis. AMERICA TODAY: THE GOOD NEWS LEONARD HARLAN First, I’m very honoured to be here and just a little overwhelmed by the sell out crowd, so thank you for coming. My mother must have sent you a memo. It’s really appreciated. Everybody knows about the US presidential election and there are pundits who can talk about it far better than I can. So, I’m not here to talk about the election. I’m not here to tell you what is wrong. You’ve heard enough of that and The private sector is alive and you’ll hear a lot more in the coming days and weeks. What I’d like to do is tell you about matters that may be new to well in the United States. you. They are the reasons I’m very enthusiastic about the United States at this point in time. First – some basics. Unemployment in the US has stabilised and is declining. Our current unemployment rate of approximately 8.5 per cent is at its lowest since the peak of the GFC – west since the peak of the GFC,10 per cent in November 2009. That’s very, very significant. Jobs are being created and we have seen 32 consecutive months of growth in the private sector. Labour productivity – a very, very important element of the economy – keeps increasing significantly. Productivity is going up. The private sector is alive and well in the United States. Most importantly, for all of us, the love affair between the American people and Australians remains not just intact but as strong as ever. As an American, I’ve been coming here since the late 1990s and there’s a marvellous affinity And that sets the stage for a between us. Many of you who have travelled in the United States have felt that as well and I don’t know of any two whole society which has no top countries like that. Canadians don’t get that reception. to it. Anybody can make it to the top – there’s no aristocracy in The good news is what’s going on in the US today. First – some basic the United States. observations. We’re a country of immigrants. The people who founded the United in grammar school, a teacher States and the waves of immigrants that have come to the United States have all who told me, “American is been waves of people escaping some form of oppression, largely government spelled A-M-E-R I can. I C-A-N.” oppression. And that sets the stage for a whole society which has no top to it. I remember that like it was Anybody can make it to the top – there’s no aristocracy in the United States. yesterday There’s no preconceived notion that you can’t do it. Upward mobility is a cornerstone in our society. It also is true in reverse – if those who have been at the top don’t maintain their success within the family, or the entities, they will drop out. So it goes both ways. The US remains a frontier society – but one with optimism. That optimism is ingrained in our people. There’s an attitude that we can make it happen, if we try. I recall as a youngster in grammar school, a teacher who told me, There’s also a strong sense of “American is spelled A-M-E-R I can. I C-A-N.” I remember that like it was yesterday. community and idealism. You can see it in the philanthropy; you see it in AID, in American naivety. http://www.thesydneyinstitute.com.au/paper/america-today-the-good-news/ 1/17/2013 America Today : The Good News | The Sydney Institute Page 2 of 6 Our ethic is self reliance, hard work and little fear of failure. Failure is accepted and celebrated. That’s a key item in our society. Take one of the most glaring examples – Steve Jobs. He was fired, and humiliated. He came back, and look at what he did. There’s a recurring attitude that asks, “What did you learn from that experience?” That optimistic ethos of “what can we do better?” is ingrained in our society. There’s also a strong sense of community and idealism. You can see it in the philanthropy; you see it in AID, in American naivety. In 2011, the U.S. ranked first out of all countries in the World Giving Index, a score based on the percentage of a countries population giving to charitable causes and volunteering time. Americans can be very naive, particularly in the international sphere. We can be very trusting, sometimes too trusting. But that’s built into our system. It started from the outset. The Puritans came, they settled, they had to rely on themselves, create their own structure and move on from there. And each wave of immigrants has risen to the top, which gives an extra boost to those who have been in the United States for a while. And it’s so interesting to see. When the Vietnamese arrived – a boost. As with various ethnic groups if it works in the United who came before them – a boost. That rejuvenation kick starts our businesses; it gets everybody’s juices going States, the spill over can be because it provides a natural competitive ethic in the community. enormous around the globe. What we have is a population that is caring, naive, and generous. These attributes are as strong today as they were 100 or 200 years ago. That’s the backdrop to where we are and where we might go as a society; and what it means, hopefully, to the United States. And, if it works in the United States, the spill over can be enormous around the globe. Now I would like to reflect on the economy for a moment, in more particular ways. Manufacturing is coming back to the United States. A recent piece by The Boston Consulting Group caught my eye. They surveyed senior executives at 106 U.S. manufacturing companies and found that more than 1 out of 3 of these companies with revenue greater than $1 billion are planning on bringing back production from China or are considering it. Among the largest companies – more than $10 billion in sales – the number was 50% of executives. Let me give you an even more specific example. Mercedes Benz which has a plant in South Carolina – that plant produces SUVs and is now producing all the SUVs for Mercedes worldwide. In other words, Mercedes Benz is exporting its SUVs from South Carolina. My firm owned the company called Ames True Temper. It manufactured shovels and rakes and all kinds of hand tools and had previously shifted a lot of this production to China. Then we built a new plant in Pennsylvania and brought Industrial union membership half of that production back. This was very significant. is the lowest since WWII which is fairly significant. Worker productivity continues to improve. In fact, private business has seen productivity growth every year since 1987 – including during the recession when it grew by about 3% each year from 2008-2010 (Figure 1). Figure 1: The Continuing Increase in U.S. Labour Productivity This productivity trend fits into the national insourcing model I just mentioned. Industrial union membership is the lowest since WWII which is fairly significant. When you see union membership growth, it has all been in the public sector. In the industrial sector, and the private sector as a whole, union Built into this system is an membership has been dropping year after year. As a percentage of all private sector employees, union membership ethic where Johnny Lunchbucket has dropped from nearly 17 per cent in 1983 to less than 7 per cent in 2011, decreasing every single year over that 28 says, “I want that top opened so year period. This is largely because of enlightened management. my kids can be there too.” So http://www.thesydneyinstitute.com.au/paper/america-today-the-good-news/ 1/17/2013 America Today : The Good News | The Sydney Institute Page 3 of 6 Not insignificantly, the glass ceiling for women has gone. This weekend, Lockheed – that Defence industry, old boy waves of immigrants and others network – announced that a woman had just been made CEO. Pepsi, Kraft, eBay, HP, Xerox, are all led by women. have all felt that their kids could That’s very important. get there. The US as a community is now, more than ever, a meritocracy. If you’re good you can get there. And everybody wants you to win – that’s the other part of it.
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